TechFlow news, on September 22, according to the Procuratorial Daily, in June this year, three suspects including Yang illegally bought and sold virtual currency "U coins" through a gray-market trading platform called "Huiwang." The trio jointly invested 220,000 yuan to purchase "U coins" at three cents below the official platform price, and profited by assisting "U merchants" with sales. On June 8, they received 220,000 yuan in cash from victim Gao, making a total profit of 3,800 yuan.
Prosecutors warn that virtual currency transactions carry legal risks, and investors should remain vigilant and avoid participating in illegal financial activities. According to regulations issued by the People's Bank of China and nine other departments, virtual currencies do not have legal status equivalent to fiat money, and related business activities are considered illegal financial activities.
